Good credit-Bad credit

Guest

My spouse has great credit but unfortunately I do not. My question is can she apply for the loan as primary to get the approval with me as a cosigner in order to have my income considered?

Niicss · Posted: Tue Nov 03, 2009 2:48 am Post subject:

Your spouse can definitely apply for a loan if she has a better credit score compared to you. You can be a cosigner in order to let your income counted. However, if she defaults the loan payments, then you would be responsible for it.

gmakerley · Posted: Tue Nov 03, 2009 8:12 pm Post subject:

the real answer lies in whether your bad credit is so bad that you won't be allowed to be a borrower. for most lenders, as we've seen, the threshhold for score is 620. if your score is south of that number, then you're toast as a cosigner.

then again, we've seen 500 as a claimed bottom-line score. as long as you are above that Mendoza Line, then those lenders could apparently get you approved as the co-signer.

your best bet, apparently, is to discuss this with one of those lenders who make sub-prime loans (yes that's what they are).

Guest

Yes, George is right, most likely you wont be considered for a cosigner with bad credit. If she cannot qualify on her own then maybe take some time to bring your scores up or see if there is anyway to repair your credit to bring it up. Score requirements are going to a 640 pretty much across the board now...need good income and good credit to get a loan.

gmakerley · Posted: Wed Nov 04, 2009 11:30 am Post subject:

when did 640 become the flavor of the day?

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